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Economy Hindering the Progress of Small Firms

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Small business owners are in need of economic turnaround to expand their businesses and achieve the prospects for growth that they set out when they started their firms. Perhaps the presidential election can spark the national economy, as many business owners are feeling down in the dumps entering October.

According to recent research from the National Association of Manufacturers and the National Federation of Independent Business, roughly two-thirds of survey participants said economic uncertainty is one of the main reasons small firms are waiting on enacting growth strategies.

CEO and president of the NFIB Dan Danner noted that those small businesses that drive the heart of the economy are desperate for their elected officials to help them lead the way to getting the American economy back on its feed.

With tough times looming large for small businesses, it's important for owners to invest in business insurance policies to protect the firm in the event of a failed investment or litigation set forth against the business.

Government policies bogging down business owners

Small businesses are considered to be the lifeblood of the American economy; however, President Barack Obama and his legislation have not been doing their part to stimulate small-business growth, according to the study. The survey found that nearly 70 percent of small-business owners and manufacturers believe current regulatory policies are standing in the way.

Bill McInturff, a representative of survey conductor POS, noted that the results demonstrate clear frustration among SBOs and manufacturers with governmental inability or reluctance to solve the economic woes currently plaguing the American economy. The word from these small-business owners is that they believe Washington policies shoulder the blame for the crisis.

The recession failing to improve

Many enterprising individuals ready to start their own firm are being held back by the government. According to the survey, over half of all respondents said they would not start a business in the current economic environment.

CEO and president of the NAM Jay Timmons said that these findings demonstrate that SBOs and manufacturers are not optimistic about the future, and that this negative attitude is justified. Rampant uncertainty, burdensome rules and regulations and Washington hubris, he believes, are responsible for holding back the American economy.

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